Archives: Quiz

What is the primary focus of supply chain management (SCM)? A.Overall cost leadership B.Bottom-line initiative C.Run-grow-transform D.Overall cost leadership and bottom-line initiative Which of the following systems allows managers to analyze and interpret information, model the business under different scenarios, […]

Which type of network requires an organization to use some sort of public communications company? A.MAN B.WAN C.LAN D.MAN, WAN, and LAN requires communications support from public companies Can you make a copy of software that you buy? A.No B.You […]

What is the distance between the centers of a pair of like-colored pixels? A.Resolution of a printer B.Dot pitch C.Resolution of a screen D.All of the above What end product in the prototyping process becomes the blueprint or technical design […]

Which type of cable is similar to a phone or twisted-pair cable? A.WAP B.Broadband cable C.Optical fiber D.Cat 5 If you were to identify and investigate a problem in your organization, what decision making phase would you be in? A.Design […]

Which type of manager handles compensation and benefit decisions? A.Sales managers B.Public relations managers C.Supply function manager D.Human resources manager What is the primary advantage to a centralized infrastructure? A.It’s adherence to strict standards throughout the systems B.Flexibility in addressing […]

What does information granularity refer to? A.The quantity of data B.The quality of data C.The strength of data D.The detail in data Which of the following types of products purchased on the internet are typically high priced items because they […]

Which computer is the fastest, most powerful, and most expensive type of computer? A.Mainframe computer B.Minicomputer C.Supercomputer D.Desktop computer As an owner of a company, what would be a safe assumption on your part regarding your employees and their potential […]

Facial recognition software can be integrated within vehicles to help users navigate. A neural network is an artificial intelligence system that is capable of finding and differentiating patterns. Answer: TRUE Denial-of-service means not being able to log on because of […]

CAVEs require even more special gear than does virtual reality. In public accounting, the accountant serves as an outside advisor to businesses. Answer: TRUE Spam can be perfectly blocked by using filters. Answer: FALSE Building the technical architecture is part […]

A Web log consists of one line of information for every visitor to a Web site and is usually stored on a Web server. The most common wired transmission medium for home networks is Cat 5 cable, which is a […]

Language processing occurs when the system attempts to make sense of what you’re saying by comparing the word phonemes generated with a language model database. Printers with lower resolution are better than those with higher resolution. Answer: FALSE Microphones are […]

The data administration subsystem is used to create the data dictionary. Query optimization facilities are used to create backups just in case the database is damaged or lost. Answer: FALSE Project scope clearly defines the high-level system requirements. Answer: TRUE […]

A Supply Chain Manager serves as a link between management and employees. A desktop computer is a fully functional computer designed for you to carry around and run on battery power. Answer: FALSE Users should not be involved in the […]

Flash memory devices are usually small enough to fit on your key ring. Software such as Microsoft Word, Excel, PowerPoint, or Access are all considered examples of utility software. Answer: FALSE E-commerce is commerce, but it is commerce accelerated and […]

When applying Porter’s Five Forces Model you should first analyze the competition that affects or may affect your business. Minicomputers are commonly used as calendars and address books. These “mini” computers are small enough to carry around in your pocket, […]

The only factor involved in ethical decisions is the person’s basic ethical structure developed since childhood. A legacy information system is a powerful system capable of supporting the needs of many functional areas in business. Answer: FALSE A push technology […]

Outsourcing is the delegation of specific work to a third party for a specified length of time, at a specified cost, and at a specified level of service. Ethical decisions are always easy and straightforward. Answer: FALSE Digital wallets are […]

A database management system (DBMS) allows you to specify the logical organization for a database and access and use the information within a database. According to some experts, eye-tracking studies are among the most reliable measures of consumer behavior. Answer: […]

A work course system facilitates the automation and management of business processes. Business intelligence is knowledge about your customers, your competitors, your partners, your competitive environment, and your own internal operations. Answer: TRUE Model management is used within IS to […]

A Web log is a file stored on your computer showing a history of sites you have visited. An n-tier infrastructure starts with the 2-tier basic model adding applications as needed. Answer: FALSE[/cpmembership] An electronic marketplace or e-marketplace is an […]

In April, Hasbro had $3,875 million in sales and $990 million in accounts receivable. For the same period, Mattel had $4,595 million in sales and $834 million in accounts receivable. Calculate the days’ sales uncollected for both companies. Which company […]

On May 1, Fiona Nash formed a computer consulting business. In order to start the business she invested $20,000 in equipment. Enter the appropriate amounts into the accounting equation format. Discuss the purpose of a post-closing trial balance. Answer: A […]

The difference in the Sales Journal between the perpetual and periodic systems is the column to record ___________________ and ________________ for each sale. Explain the difference between a ledger and a chart of accounts. Answer: A ledger is a record […]

Blu Lightning Co. bought supplies and testing equipment for $3,000 on credit. Enter the appropriate amounts into the accounting equation format If a 90-day note receivable is dated June 12, what is the due date of the note? Answer: September […]

Explain the difference between a business transaction and a business event. The ____________________________ ratio measures the liquidity of receivables. Answer: accounts receivable turnover Explain the purpose of closing entries and describe the closing process. Answer: The purpose of closing entries […]

Match the following terms with the appropriate definition. A company sells a single product and had the following beginning inventory, purchases, and sales during March. Calculate the cost of the ending inventory under each assumption below: Answer: 1. A document […]

A(n) ______________ is a document signed by the depositor instructing the bank to pay a specified amount of money to a designated recipient. Explain how to record the receipt of a note receivable. Answer: A note is recorded by entering […]

Identify two subledgers. Discuss how banking activities promote the control of cash. Answer: Banking activities can be organized into three categories: the bank account, deposit services, and chequing services. A bank account is an account set up by a bank […]

A(n) _______________________ is a listing of all of the accounts in the ledger with balances before adjustments are made. Explain the goals and uses of special journals. Answer: Special journals are used for recording and posting similar types of transactions. […]

What are the primary components within an accounting information system? Heidi Company uses a Sales Journal, a Purchases Journal, a Cash Receipts Journal, a Cash Disbursements Journal, and a General Journal. The following are the totals from the special journals […]

Prepare the December 31 adjusting entry to record $450 of earned but unpaid salaries. Decreases in expenses are _______________ to expense accounts, and decreases in revenues are _______________ to revenue accounts. Answer: Credited; debited. Match the following terms with the […]

FOB shipping or FOB factory means ownership of goods transfers to the buyer at the buyer’s place of business. The first five steps in the accounting cycle include analyzing transactions, journalizing, posting, preparing an unadjusted trial balance, and recording adjusting […]

The days’ sales uncollected ratio measures the liquidity of receivables. All items of plant and equipment, including land, eventually wear out or lose their usefulness. Answer: FALSE In preparing financial statements from the trial balance, the balance sheet is prepared […]

Adjusting entries are required to match revenues and expenses. Because an inventory error causes an offsetting error in the next period, it is sometimes said to be self-correcting. Answer: TRUE A properly designed internal control system is a key part […]

Z-Mart had $12,000 in accounts receivable and $320,000 in net sales for the period. To one decimal, Z-Mart’s days’ sales uncollected was 13.7 days. Three issues involving the Sales Journal include: (1) recording sales taxes (2) recording sales returns and […]

The Petty Cash account is a separate chequing account used for small amounts. Adjusting entries are designed primarily to correct errors made by bookkeepers. Answer: FALSE A debit to Sales Returns and Allowances and a credit to Accounts Receivable mean […]

A company’s fiscal year must correspond with the calendar year. The professional designation “CGA” stands for “Chartered General Accountant”. Answer: FALSE A merchandising company’s operating cycle begins with the sale of merchandise and ends with the collection of cash from […]

Accumulated depreciation is shown on the balance sheet as a subtraction from the cost of an asset. An unadjusted trial balance is a listing of accounts prepared before adjustments are recorded. Answer: TRUE Individual transactions in the Sales Journal are […]

A business that has inventory items that are ordinarily interchangeable may use either the FIFO or moving weighted average methods to assign costs to inventory. An expense account is normally closed by debiting Income Summary and crediting the expense account. […]

Ethics and laws often differ. Chuck Taylor invested $8,000 in cash in FastForward. This amount would be reported in the statement of cash flows under financing. Answer: TRUE The conceptual framework summarizes the qualitative characteristics and supportive building blocks that […]

Accounts receivable arise from credit sales to customers by both retailers and wholesalers. “Bookkeeping” is another term for “accounting”. Answer: FALSE If the supplier pays freight charges, then ownership of inventory passes when goods arrive at their destination. Answer: TRUE […]

Damaged goods are not counted in inventory if they cannot be sold. When used to monitor and control operations, internal control systems are a low priority for managers. Answer: FALSE A work sheet can be prepared manually or with a […]

A cheque involves three parties: the maker, who signs the cheque, the payee, who is the recipient, and the bank, on which the cheque is drawn. A compound journal entry usually affects three or more accounts. Answer: TRUE Credit terms […]

The necessary financial statement disclosure is accomplished if the amount presented is properly calculated. Z-Mart’s quick assets are $147,000. With current liabilities of $143,000, Z-Mart’s acid-test ratio is 1.03 to 1. Answer: TRUE Accounts receivable turnover is calculated by dividing […]

Prepaid Insurance is an expense account which is used for recording expenses that have been paid in advance. In the partnership form of business, the owners of a business are called shareholders. Answer: FALSE The Accounts Payable ledger has a […]

Before making adjusting entries at the end of an accounting period, some accounts may not show proper financial statement amounts even though all transactions were correctly recorded. The work sheet is used to record transactions as they occur. Answer: FALSE […]

Z-Mart had a gross profit of $340,000 based on sales of $700,000. Its cost of goods sold was $350,000. The acid-test ratio is current assets divided by current liabilities. Answer: FALSE The chart of accounts is a list of all […]

The goal with TIFF graphics is to reach a balance between image quality and file size. a. True b. False Accounting software is a simplified financial program that helps home users and small office/home office users balance their checkbooks, pay […]

When you have an email account, you also have an email ____. a. message b. profile c. record d. address A(n) ____ folder is the location where you want to move or copy a file. a. end b. destination c. […]

Excel attempts to guess which cells you want to include in the function by looking for ranges that are adjacent to the selected cell and that contain numeric data. a. True b. False When you sort data in a query, […]